Crude fell below $50 per barrel amid reports that OPEC output increased by over 200,000 barrels in July
The Dow Jones Industrial Average (DJIA) ended higher for a sixth straight session, after hitting a record intraday peak of 21,990.96 shortly after midday. The Dow pared its gains in afternoon trading, pressured by weakness in Boeing (BA) as the aerospace giant retraced a portion of its post-earnings breakout, but nevertheless notched an all-time closing high. With broad equity indexes collecting gains across the board, the month of August got off to a positive start.
Continue reading for more on today's market, including:
- The FAANG earnings set to drive tomorrow's trading.
- The Italian automaker racing to new highs.
- What Pandora, Regeneron Pharma, and Foot Locker had in common today.
- Plus, oil breaks a big round-number level; 2 airline stocks score upgrades; and what traders expect from DDD earnings.
The Dow Jones Industrial Average (DJIA - 21,963.92) rallied once again to record highs, closing up 72.8 points, or 0.3%. Of the Dow's 30 components, 22 closed higher, led by Intel's 2.5% jump. Boeing pulled back 1.2% to pace the eight losers.
The S&P 500 Index (SPX - 2,476.35) added 6.1 points, or 0.2%, and the tech-heavy Nasdaq Composite (COMP - 6,362.94) tacked on 14.8 points, or 0.2%.
The CBOE Volatility Index (VIX - 10.09) held its ground in double-digit territory, but still dropped 0.2 point, or 1.7%.
5 Items on Our Radar Today
- The U.S. waived environmental laws to focus on expediting the building of the Mexican border wall near San Diego. The U.S. Department of Homeland Security will watch over the addition of the barriers, lights, roads, and cameras near one of the busiest sections of the U.S. border with Mexico. (Reuters)
- Top GOP senators are trying to move away from continuing to repeal and replace Obamacare for the time being. Orrin Hatch, the Senate Finance Committee chairman, said that there is little to no chance the healthcare bill will be moved forward anytime soon, and it needs to "simmer for a while." (Bloomberg)
- The news that triggered 2-year highs for Lumber Liquidators today.
- The 2 airline stocks boosted by upgrades.
- How speculators are playing DDD ahead of earnings.
Data courtesy of Trade-Alert
Commodities
Oil ended lower today, tumbling below $50 a barrel amid indications that OPEC is falling short of its goal to curb global oversupply. September-dated oil futures lost $1.01, or 2%, to settle at $49.16 a barrel.
Gold futures reached a high for a seventh straight session, following reports of tepid consumer spending and inflation. Closing up by $6, or 0.5%, December-dated gold settled at $1,279.40 an ounce.